Research Document: Education: An Imperative Tool For Achieving Shared Prosperity in Nigeria

Posted Tue, Jun 6, 2023 3:56 PM

Achieving Shared Prosperity has become increasingly crucial as country experiences show that economic growth does not always translate into lower inequality and poverty reduction. "Shared Prosperity" (SP) focuses on fostering income growth among the bottom 40 percent of a country's population, according to World Bank (2022).

A country that has achieved SP has effectively harnessed its human, physical and other resources to bring about economic prosperity. For instance, a nation that has achieved SP must have made significant investments in human capital development, with the outcome being a more inclusive society. In 2020, Nigeria's human capital index stood at 0.36 and ranked 168th out of 174 countries (World Bank, 2021). Weak human capital development in Nigeria has contributed to poor socio-economic outcomes and widened disparity.

This report explains how the state of SP is intricately dependent on education. It highlights the challenges in Nigeria’s education sector and recommends critical steps to unleash its capacity to foster SP.